Arkansas is a state full of drivers and cars. As of 2019, there were more than 2,000,000 drivers and nearly 2.9 million vehicles registered. Arkansas also has the highest rate of uninsured drivers, with more than 19% of drivers claiming to have forgone insurance coverage. Arkansas car insurance policies are an essential part of your financial plan.
Arkansas drivers pay an average $1914 per year for full coverage, and $470 per year for minimum coverage. There are many ways to get affordable coverage even though car insurance in Arkansas is required by law. You can find the lowest car insurance rates in Arkansas by learning about which companies have low average rates and how you can lower your premium.
Arkansas has the cheapest car insurance
Quadrant Information Services, Bankrate’s insurance editorial group, partnered with Quadrant Information Services in order to get current rates for the largest Arkansas insurance carriers based on market share. Then, we analyzed the rates to identify the lowest average rates.
We considered the availability of each provider’s policies, financial stability, and customer service. These companies may be able to provide you with quotes if you’re looking for the lowest auto insurance.
USAA
USAA offers insurance products to active military personnel and their immediate families. USAA is not eligible for rank with J.D. These eligibility restrictions made USAA ineligible for J.D. This shows that USAA customers are generally satisfied with their customer service.
USAA offers many discounts that could save you even more, even though its average minimum and full coverage premiums rank lowest among our lists. You might be able to save on your premium if you park your car on a military base or store it while you’re deployed.
Southern Farm Bureau
Southern Farm Bureau is a great choice if you’re looking for low average rates and a long range of discounts. Southern Farm Bureau offers discounts such as driver training, defensive driving and customer loyalty.
Farm Bureau was awarded a lower-than-average score by J.D Power. However, Farm Bureau has a low complaint rating from the National Association of Insurance Commissioners. A score of 1.00 is a baseline number received by the NAIC. A score higher than 1.00 indicates that the NAIC received more complaints than average, while a score lower than 1.00 indicates that there was a smaller number of complaints. The score for Southern Farm Bureau’s private passenger car product was 0.09. This means that the NAIC received significantly fewer complaints than average.
Farmers
Farmers Insurance has great coverage options. This includes customized equipment coverage, accident forgiveness and new car replacement coverage. Farmers Insurance may be an option if you need cheap coverage, but are not eligible for USAA.
Farmers doesn’t advertise discounts on its website. However, Farmers can help you save money by insuring your auto and home with Farmers. Farmers also offers multiple car insurance and is completely accident-free. The company offers a telematics program called Signal. You can track your driving habits using the mobile app and get a personal discount. A driver who is under 25 years old can save as much as 15% and get an additional 10% discount.
State Farm
State Farm may be the best option for you if you prefer to deal with your car insurance directly. State Farm has agents in Arkansas that can assist you with all your banking and insurance needs. State Farm offers a variety of optional coverages that can be tailored to meet your specific needs. These include ridesharing, roadside assistance, and car rental reimbursement.
State Farm offers many discounts including those who are accident-free, have a vehicle equipped with safety features, purchase multiple policies, or insuring multiple vehicles. State Farm offers two safe driving programs: Drive Safe and Save for adults and Steer Clear to drivers under 25. These programs can save you money and help you to drive safer.
Geico
Geico’s average premium may be the most expensive on our list. However, the company offers a variety of discounts that could help you save. Your premium might be reduced by being a safe driver and wearing your seatbelt.
Geico is a great option if you want to manage your insurance digitally. The mobile application of Geico is among the most powerful on the market. It allows you to make claims, view ID cards, and call for roadside assistance. It is highly rated on both Google Play and the App Store.
Minimum coverage requirements for Arkansas drivers
Arkansas, along with most other states requires that all drivers have minimum car insurance before they can get behind the wheel.
Arkansas drivers must have the minimum insurance coverage.
- Coverage for bodily injury liability per person: $25,000
- Bodily injury coverage per accident: $50,000
- Property damage coverage per person: $25,000
Insurance companies must offer you certain coverages, which you can reject in writing. These include coverage for uninsured motorists , coverage for underinsured drivers and personal injuries protection (PIP).
Although minimum coverage can be the most affordable option for car insurance, many insurance professionals recommend that you buy higher liability limits. You will be responsible for any excess costs incurred by you if you cause an accident that results in more damage and injuries than your insurance covers. You have an additional layer of financial protection with higher liability limits.
Also, the minimum limits do NOT include collision and comprehensive coverage. These provide coverage for your vehicle in case of damage. You will need full coverage if you require these options. Your lender may require that you have complete coverage if you have a loan, lease, or other financial obligation. Some financial institutions might also require that you have certain coverage limits.
Arkansas: How to Get Cheap Car Insurance
There are many ways to save on car insurance in Arkansas, even though it can be costly. These are some ways to save money on Arkansas car insurance:
- Compare providers: Every insurance company has its own rating algorithm that determines your premiums. Prices will differ for the same coverage. Each company also has its own combination of coverages and discounts, features, and third-party ratings. It might be possible to find the right coverage at a lower cost by determining your needs and getting quotes from multiple carriers.
- Get discounts: car insurance discount is a great way to save money. Many insurance companies offer discounts for safe driving, low mileage discounts, payment discounts, and even student discount. There are many ways to save money on your insurance policy.
- Your credit score can be improved: Insurance companies may consider your credit score when quoting your insurance. Insurance companies can assess your risk and price your policy accordingly by reviewing your payment history. Lower premiums are generally associated with higher credit scores.
- Your deductibles can be increased: This is a way to reduce your monthly payment. You can increase your collision and comprehensive deductibles. These are the amounts that you will have to pay if there is damage to your vehicle. A higher deductible can mean cheaper car insurance. However, you will need to pay more out of pocket if you file an accident claim.
A licensed agent can help you determine how much auto insurance you need , which coverages you need , and what discounts you are eligible for.
Questions frequently asked
Which Arkansas insurance policy is best?
The best auto insurance in Arkansas will differ depending on what you need from your insurance company. It is important to consider what you are looking for in coverage when you shop. Do you want the lowest price, coverages that are specific, or unique features? You can compare quotes from multiple companies once you have identified your priorities to find the one that suits your needs best.
What is the average cost for car insurance in the United States?
The average cost for car insurance is $565 annually for a minimum coverage policy and $1,674 for full coverage. Arkansas drivers pay less annually to get minimum coverage. The average premium is $470 per annum, but full coverage costs $1,914 more per annum.
What happens if I don’t have insurance in Arkansas?
It is illegal to drive without insurance in Arkansas. You could face fines and even jail time if you are caught driving without insurance in Arkansas. You will be responsible to pay for any injuries and damages caused by an accident that you do not have insurance. This can cause financial hardship. A cheap policy on car insurance is better than skipping coverage if your budget is tight.
